The FHA Streamline Refinance is among the simplest, fastest refinance options for homeowners with FHA-backed mortgages.

There are no required verifications for the FHA Streamline Refinance program. Appraisals aren’t required, income is not verified, and credit scores can be waived. Even retired and unemployed homeowners can get approved via the FHA Streamline Refinance program.

There are only three requirements to get approved for an FHA Streamline Refinance loan.

The first requirement is that you’ve paid your FHA mortgage on-time for the last three months. If you’re behind on your mortgage, you cannot be approved.

The second requirement to get FHA Streamline Refinance-approved is that your new mortgage payment must be at least five percent less than your current one, where your “payment” is comprised of your principal + interest, and your FHA mortgage insurance premium (FHA MIP).

The third, and final, requirement in order to get approved for an FHA Streamline Refinance is that your current mortgage must be at least seven months old; you’re required to have made six payments on it prior to closing.

Read more about the FHA Streamline Refinance and low- and no-down payment mortgages at Growella.